NCE New City Energy

 
TIDMNCE 
 
 
   THIS ANNOUNCEMENT CONTAINS INFORMATION WHICH CONSTITUTES INSIDE 
INFORMATION. 
 
   14 December 2016 
 
   New City Energy Limited ("NCE" or the "Company") 
 
   Announcement of Proposed Winding-Up 
 
   The Board of Directors has been reviewing, with NCE's investment manager, 
the future prospects of the Company ahead of the next continuation vote. 
Given the current market capitalisation of the Company, the prevailing 
share price discount and the short to medium term outlook for the oil 
price, the Board has decided that it would be in the best interests of 
Shareholders to propose that the Company be wound up and that the 
Company's surplus assets (after full provision for liquidation costs) be 
distributed in cash to Shareholders. 
 
   A circular to Shareholders is being prepared to convene an extraordinary 
general meeting of Shareholders to wind up the Company voluntarily. The 
circular will set out in full detail the proposals.  A further 
announcement will be made in due course. 
 
   Enquiries: 
 
 
 
 
Contact                                            Telephone 
Sue Inglis - Cantor Fitzgerald                   020 7894 8016 
Craig Cleland - New City Investment Managers     020 7201 5368 
Lisa Neil - R&H Fund Services (Jersey) Limited    01534 825336 
 
 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: New City Energy Ltd via Globenewswire 
 
 
 
 

(END) Dow Jones Newswires

December 14, 2016 04:00 ET (09:00 GMT)

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